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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Wrong tense used in the caption. Should be “were.”
Governing is clueless to the idea that destruction is the point.
Chicago will make an even worse choice — by turning the Loop into another low income housing disaster — Cabrini Green 2.0
https://news.wttw.com/2022/09/26/envisioning-chicago-s-financial-district-new-residential-neighborhood-lightfoot-offers
A return of tenement housing is the answer to our affordability crisis. It worked in the 1880’s and it can work today. Most of those downtown buildings don’t even need conversions. Shared bathrooms, retrofit shower stalls, let the migrants use cubicle dividers as walls. They’re all mostly set up for high speed internet – both wifi and network cable – so there’s no need for satellite dishes hanging off the side of 120 S. LaSalle. Most have small kitchens already, wouldn’t be difficult to add a shared electric oven. Close off the upper floors and cram dozens of migrant families… Read more »